China to Overtake U.S. as World's Top Economy This Year

China is expected to overtake the U.S. to become the world's largest economy this year, the Financial Times said on Wednesday citing the World Bank's International Comparison Program.

The report forecast the Chinese economy will grow to US$16.73 trillion, surpassing the $16.65 trillion of the U.S.

Adjusted by purchasing power parity, China's GDP stood at $13.50 trillion in 2011, 87 percent of the U.S.'

The projection for China's emergence as the world's largest economy was based on the 2011 GDPs of each country multiplied by their respective growth rate for 2011-2014 by the International Monetary Fund -- 24 percent for China and 7.6 percent for the U.S.

If the forecast is realized, the U.S. will step down from the top spot for the first time in the 142 years since it outpaced the U.K. in 1872. Until recently, the general prediction was that it would take until 2019 for China to surge ahead.

Meanwhile, Korea's PPP-adjusted GDP was $1.45 trillion in 2011, slightly more than 1/10 of China's.